MS HB238

Authorizes issuance of state general obligation bonds not to exceed $1,000,000 to assist the City of Verona, Mississippi with costs associated with site development work for the Old Town Crossing Project at the southeast corner of Mississippi Highway 6 and U.S. Highway 45.

Creates a special fund designated "2025 City of Verona - Old Town Crossing Project Fund" within the State Treasury to receive bond proceeds and disburse funds to the city for project costs.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

State Bond Commission is authorized to determine bond terms, advertise for bids, negotiate sales, and manage issuance; no bonds may be issued after July 1, 2029.

Bonds and income are exempt from Mississippi state taxation, and any remaining fund balance after project completion shall be applied to pay debt service on the bonds.